I actually happen to have a H-1B visa.
I wanted to work at Stardock. Stardock wanted me to work at Stardock. It took eight months to get all the legal complexities sorted out. And we were lucky, time wise. Fortunately I found a
relatively productive way to spend my time.
It is a big hassle, at least for small companies. Yet they still do it because that is what they have to do to get the employees that they want. Maybe big companies are abusing it, but I would suggest that this is not true for most of them.
Places like Google and Microsoft have a huge need for talent - and at the top level, it
is limited, and (arguably) cannot be trained. You know the people who were always at the top of the class - not just because they studied hard, but because they lived the subject? The "naturals"? Those are the people Microsoft and other companies want to hire. And they want to do it out of college, because otherwise they will be snapped up by other companies and may never come on the market again.
On a practical note, I am the sort of person you
want coming to your country. I pay many thousands each year in taxes (without representation

); it would be more if I didn't invest a third of my salary in my retirement funds, mostly in the stocks of US companies. I contribute to charity and participate in cultural events. I don't cause trouble. And yet it was hardly easy or quick for me to get in.
Now, maybe you see this as a good thing. Indeed, you can make it harder for people like myself to get in, but doing so may reduce the ability for US firms to compete on a global scale. If I wasn't working for Stardock, there's a fair chance I'd have ended up working for a UK competitor - or founding one.
I would also note that most developed countries outside the US actively subsidize university-level education, and hence the US is getting quite a bargain when it imports talent from them. This benefits the US as a whole more than it does individuals, but make no mistake - it is a benefit.
If you really want to solve the problem, make it easier for people like myself to get green cards, rather than H-1B visas. That way, you'll be far more likely to keep the people who have skills that make it worthwhile for companies to import them, and you'll end up with more skilled Americans with money, which will itself
generate more jobs of all kinds. There is room for us all here.
I don't want to belittle the problems that some people have finding work, but from what I have seen, the people with real passion for and ability in the IT field rarely have to look all that far for a job. The right jobs come looking for them. You may have to be willing to move, though hopefully not 3800 miles as I did.